Oct 31, 2022 - 10m read
How to Immediately Stop a Foreclosure in Georgia
If you’re currently behind on your monthly mortgage payments, you might be facing a possible foreclosure. In this situation, there are several steps you can take to reduce the likelihood of foreclosure. There are also a couple of things you can do to stop foreclosure altogether. Regardless of why you’re facing foreclosure, it’s highly recommended that you focus on what you can do to get yourself out of this situation.
Anthony Reinoehl
Co-Founder
If you’re currently behind on your monthly mortgage payments, you might be facing a possible foreclosure. In this situation, there are several steps you can take to reduce the likelihood of foreclosure. There are also a couple of things you can do to stop foreclosure altogether. Regardless of why you’re facing foreclosure, it’s highly recommended that you focus on what you can do to get yourself out of this situation.
The right approach may allow you to keep your home or make a considerable sum of money by selling it before it’s foreclosed on. Keep in mind that a foreclosure could impact your living situation, employment, and financial situation for many years, which is why taking quick action is essential.
While the foreclosure process doesn’t take place immediately, you may miss out on an opportunity if you don’t pay attention to the steps your lender is taking following some missing payments. The following guide should tell you everything you need to know about the foreclosure process for Georgia homes to determine which solution for avoiding foreclosure is right for you.
The Foreclosure Process in Georgia
The foreclosure process in Georgia is fairly simple and straightforward. It’s a three-step process that doesn’t take long to complete. Even though the foreclosure process isn’t too complex, you will have some time to avoid foreclosure before the process is completed.
The Bank Sends You a Notice
If you’ve been late on a few payments or haven’t made your mortgage payments at all as of late, your lender will send you a notice in the mail that tells you that your home will be foreclosed on in the near future. It’s at this stage of the process that you’ll receive a time-frame for the foreclosure process, which tells you exactly how much time you have to react.
When taking Georgia law into account, lenders are required to notify borrowers about the intent of foreclosure at least 30 days before scheduling the foreclosure sale. This notice typically comes with a copy of a foreclosure advertisement and will need to include the address, telephone number, and name of the person who has authority to modify or negotiate every aspect of your loan.
The Bank Can Run a Foreclosure Ad
If you pay the money you owe, the lender can reverse course and remove their letter of intent to foreclose on your home. In the event that you’re unable to repay the money that you owe, the bank will be able to run a basic foreclosure ad for a period of four weeks.
This public advertisement is placed in an official newspaper in the county where the home is located. It will need to run at least once per week for a period of four weeks before any sale takes place.
The Bank Can Foreclosure
Once the advertisement has run for at least four weeks, the bank is able to foreclose on your home, which occurs on the first Tuesday of the next month. At this stage of the process, your lender will have full ownership of your home, which is why any action you take to avoid having your home foreclosed on must occur before this step.
How to Avoid a Foreclosure in Georgia
There are two distinct methods you can use to stop a foreclosure altogether, which extends to filing a Chapter 13 bankruptcy case and selling your home quickly. If you want to sell your home, doing so in a short period of time is essential since your lender will eventually take ownership of the property even if you intend to sell it. There are also some things you can do to prolong the foreclosure process, which include:
- Make sure that you review any foreclosure notices you receive for possible mistakes
- Review all of the real estate records to identify if any title problems exist
- Ask for reinstatement figures as well as a detailed breakdown of any fees you currently owe
- Get in touch with a foreclosure law firm to inquire about the possibility of having the foreclosure sale stopped
- Call your lender to discuss any loan modification options available to you
- Call your lender to request that the sale of your home be delayed or stopped
- Consider technical grounds for delaying or stopping the foreclosure sale
- Explore a short sale
File a Bankruptcy Case
If you don’t want to sell your home, the only option you can use to stop a foreclosure sale from taking place is to file for Chapter 13 bankruptcy. The Chapter 13 bankruptcy laws in Georgia allow you to file for bankruptcy and keep your home at the same time. Keep in mind, however, that your mortgage will still remain in place, which means that you’ll still owe the lender in question.
Filing for this type of bankruptcy gives you the opportunity to eliminate around 90% of all other debt that you owe, which should free up some money to repay your mortgage payments. Once you file this type of bankruptcy petition, the main court that the petition is filed with will issue a stay that goes into effect immediately.
This stay orders your creditors to stop all collection attempts. While a Chapter 13 bankruptcy won’t get rid of your mortgage loan, the bankruptcy laws that are in place mean that any collection attempts by the lender on your home aren’t legally allowed. In this scenario, your lender is unable to foreclose on your home. Even if your lender has begun the foreclosing process, they will need to stop immediately after the court has put a stay in place.
While you’ll be tasked with repaying the debts associated with your mortgage, Chapter 13 gives you the opportunity to create a repayment plan for the debts you still owe. Your repayment plan must be filed within two weeks after you’ve filed the Chapter 13 petition.
After a Chapter 13 bankruptcy has been filed, a third-party trustee will be assigned to your case in order to administer it. In the Chapter 13 filing, all of your creditors will need to be listed. These creditors will then be notified that you’ve filed for Chapter 13 bankruptcy. Once they receive this notice, all collection actions will come to a stop.
When you’ve filed a repayment plan, the plan will go before the court. The court will either approve or deny the repayment plan. If your plan is denied, you’ll need to create a new one in a short period of time. Keep in mind that repayment plans usually come with fixed payments. These payments will be distributed to your creditors by the trustee in charge of your case. Because of how complicated this process can be, you might need to hire a bankruptcy attorney to assist you with your case.
Sell Your House Fast
If you don’t want to go through the hassle and frustration that comes with filing for Chapter 13 bankruptcy, the second option that allows you to stop a foreclosure in Georgia is to sell your home quickly, which you can do with the help of CC Capital. When you work with CC Capital, you’ll receive the best offer you can possibly get for your home in a timely manner, which gives you the ability to sell your home before the foreclosure sale takes place.
When your lender sends you a notice of foreclosure, you’re on a strict timeline before your lender takes ownership of your home and sells it via a foreclosure sale, which means that you need to act fast.
After you get in touch with CC Capital, we’ll immediately view your home virtually or in person to determine its value and provide you with a customized offer that meets your preferred timeline and closing date. Once you accept the offer, all that’s left is to close on the sale of your home, which is when you’ll be given a check for the amount you agreed on.
What Doesn’t Work
The two solutions mentioned previously are the only methods you can viably use to stop a Georgia foreclosure in its tracks. If you believe that you’ve found another solution that’s perfect for your situation, it’s almost certain that this solution is a scam. Make sure that you avoid any companies that claim to be “debt doctors”, “rescue specialists”, “debt settlement companies”, or “mortgage modification middlemen”. These phrases don’t mean anything and don’t describe a legitimate form of employment.
People and companies that market themselves as debt settlement companies or debt doctors are attempting to rip people off and spread false promises about what they can do for you and the debt that you’re in. If you’ve been desperately attempting to keep your home, these solutions might seem appealing. However, they’ll only lead to you losing money. Instead, opt for filing for Chapter 13 bankruptcy or selling your home quickly with CC Capital.
If you’ve received a notice of foreclosure from your lender, your stress levels are likely high at the moment. In this situation, you can attempt to repay the money you owe, file for Chapter 13 bankruptcy, or sell your home before the foreclosure sale takes place. Now that you know how to stop a foreclosure, you should be ready to act when you receive a foreclosure notice.
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